"What's the difference between California and Latvia? Answer: A week." - Jenna Orkin at FTWLatvia risks becoming first EU member to face economic meltdown
By Adrian Blomfield, The Telegraph
Latvia is in danger of becoming the first European Union member to face total economic meltdown, experts have warned.
The tiny Baltic state's government has been urged to devalue its currency or risk the collapse of its economy – despite fears such a move could cause turmoil elsewhere in Europe.
Although devaluation would damage Latvia's ambitions of joining the euro, financial analysts said it was the only hope of avoiding a catastrophe after an international bail-out failed to reverse the country's fortunes..."
We keep bumping up against DJIA 8800, which was my initial minimum target for the Suckers' Rally. I have no reason to change my mind on this as a key level. While I personally think we have more room to run to the upside, it will be a desperation surge, running on vapors and then the nightmare monsters that all the bright boys and girls sweated about last fall will actually crawl from under the bed and walk the earth in daylight. Summer will not be pretty. Enjoy this corrective wave. Pause to look at flowers a little longer. Watch a sunset. Turn off the tube and go for a walk. Get ready, but don't gnaw at yourself with worry. Be prepared.
None of this is to be construed as trading advice. If you trade financial instruments based on anything you read at FutureJacked, baby seals will club sailors to death - and you might lose money.